In light of recent volatility within the cryptocurrency market, Binance Coin (BNB) has seen a significant drop below the $600 threshold. Following the broader downward trends of other major cryptocurrencies like Bitcoin and Ethereum, BNB also descended past the $585 support level, marking a bearish phase.
BNB Price Struggles to Surpass $600
Recently, BNB failed to break through the $600 resistance zone, initiating a new downtrend. Currently, the coin’s price is trading below $585, reflecting the broader market’s status and hinting at possible short-term price movements.
A crucial downtrend line around $575 has emerged on the hourly chart of the BNB/USD pair, indicating that the price is facing resistance at these levels and experiencing downward pressure.
What Do Technical Indicators Say?
The four-hour MACD indicator for the BNB/USD pair shows a loss of momentum in the bearish zone. Similarly, the four-hour RSI (Relative Strength Index) is below the 50 mark, suggesting potential short-term declines for Binance Coin.
Key Takeaways for Traders
- Breaking below $560 could push BNB towards the $550 support level.
- The critical support level stands at $532; falling beneath this could trigger a larger downtrend, possibly to $510 or even $500.
- Resistance levels to watch include $575, $585, and the critical $600 mark.
For a more optimistic outlook, BNB needs to surpass the $575 resistance to gain upward momentum, potentially targeting the $600 level and beyond.